Healthcare Financing Startup Icanheal Bags Seed Funding from IvyCap

Per the startup, the funding will be used to improve its capabilities, specifically to provide customized healthcare financing options to cancer patients.

Mumbai-based Healthcare financing startup Icanheal secured INR 15 Cr (approximately $1.8 million) in a seed funding round led by IvyCap Ventures.

Per the startup, the funding will be used to improve its capabilities, specifically to provide customized healthcare financing options to cancer patients.

Founded by Girish Poddar and Amit Backliwal, Icanheal aims to bridge the gap between healthcare and financing by providing tailored options to patients.

"We are grateful to Vikram and IvyCap Ventures for their trust and investment in our vision. Healthcare in India is evolving rapidly, and our platform aims to make advanced treatments more affordable and accessible to all patients. This funding will enable us to scale our operations and further our mission of improving healthcare outcomes nationwide," said Icanheal founder Poddar.

Additionally, Icanheal designs solutions to enhance accessibility and promote enhanced treatment adherence, aiming to improve overall patient outcomes.

Commenting on the investment, Vikram Gupta, founder, and managing partner IvyCap Ventures, said, “Icanheal’s unique approach to improving healthcare affordability through customized financing solutions resonates deeply with our mission. By democratizing access to advanced medical treatments and enhancing patient adherence, Icanheal is poised to make a significant impact in the healthcare sector.”

Icanheal competes with other players in the healthcare financing sector, such as AGS and Access Healthcare.

"Our goal is to provide patients with the financial support they need to access the best possible care, particularly for life-threatening conditions like cancer," said Poddar.

Growing Interest in Healthtech Startups

India's healthcare startups have been drawing significant attention from investors. Earlier this month, healthcare-focused fintech startup Care.fi secured debt funding of $2.6 million (around INR 21 Cr) from Trifecta Capital and UC Inclusive Credit.

Last month, Mumbai-based healthtech startup Alyve Health raised INR 45 Cr (around $5.5 million) in a Series A funding round led by Axilor Ventures, along with participation from existing investor 1Crowd Fund and InHealth Ventures.

While recently, Healthtech startup Cloudphysician raised $10.5 million (INR 87.3 Cr) in its Series A funding round, led by Peak XV Partners, with participation from Elevar Equity and venture debt firm Panthera Peak.

According to a report by Inc42, the market size of India’s healthtech sector is expected to reach $21.3 billion by 2025. This significant growth potential has spurred increased investment and interest in the industry.